The prestige factor. This is a topic that came up in yesterday’s “Business Talk Time” discussion (watch it here!), and one that is worth addressing here.
As you consider marketing methods that could be right for you, one angle to think about is the level of prestige of your target market. The higher the perceived value of your product, service, or knowledge, the more rare and exclusive your target market will want it to seem. The higher the value of your offering, the more personalized your marketing should be.
If you are offering value for a low price, a bargain, or a sale (remember this post about sale pricing?) you will want to push the offer out in volume. Methods that can reach a large number of people at once will have the potential to return a lot of customers at this relatively low price point. You are attracting customers who want this price point, not those who are looking for luxury.
As the value of your offering increases, your customer’s expectations do, too. They are not just paying for the product. They are paying for quality. They are paying for exclusivity. They are paying for something that not just anyone can have.As the value of your offering increases, your customer’s expectations do, too. #smb Click To Tweet
So when you think about how to market to these audiences, remember these principles. Volume marketing for the lower-priced, less exclusive offerings. And when it comes to the more exclusive offerings, you are looking for marketing methods that will make them feel rare, special, exclusive, and individual. What options can you think of for starting an exclusive conversation with high-end customers?
Remember, your marketing message and how it is delivered must always relate to what matters to your target market. For more ideas on how to build your marketing plan around what matters to your target market, click here.